Molton Inc., which operates a chain of retail toy stores, prepares GAAP based financial statements. Molton must use the allowance method to account for business bad debts for both book and tax purposes.
Answer the following statement true (T) or false (F)
False
Molton must use the direct-write off method for tax purposes.
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After the company completes the bank reconciliation, it makes journal entries for adjustments
A) it made to the bank statement balance only. B) it made to the company records only. C) it made to both the bank statement and the company records. D) made on the statement of cash flows.
The number one asset of a strong negotiator is his or her preparation.
Answer the following statement true (T) or false (F)
Which of the following is a challenge of leverage analysis?
a. It does little to move people on the adoption continuum b. Building sufficient support to bridge the gap between early adopters and the early majority c. It can only be done with an outsider’s objective view of the organization d. Any employee’s support can be used to leverage support, so it is often difficult to choose who to focus on
Flamingos, Inc. has four departments. The Administrative Department costs are allocated to the other three departments based on the number of employees in each and the Maintenance Department costs are allocated to the Assembly and Packaging Departments based on their occupied space. Data for these departments follows: Admin. Maintenance Assembly Packaging Operating costs$30,000 $15,000 $70,000 $45,000 No. of employees 2 6 4 Sq. ft. of space 2,000 3,000 The total amount of the Administrative Department's cost that would eventually be allocated to the Packaging Department is:
A. $18,000. B. $10,000. C. $13,000. D. $4,800. E. $12,000.